KUALA LUMPUR, 25 November 2019 – The accelerated growth of Islamic finance especially in the wake of the global financial crisis, and its ever-increasing role in the mobilisation of financial resources have been a promising feature in the global financial scene. Being a manifestation of Islamic economics’ practical applications, Islamic finance cannot be developed and assessed in isolation of its impact on real activities and the fulfilment of Maqasid al-Shariah. Further, Islamic finance must be developed and evaluated in its totality, not confined to only Islamic banking and Islamic capital markets.
Moving forward, Islamic finance must also embrace Industry 4.0 for it to remain robust in the digital age. This is one of the key talking points of the inaugural INCEIF-ISRA Annual Conference on Islamic Economics and Finance (I-ARIEF), a two-day event which provides a forum for the deliberation of contemporary and emerging issues in Islamic economics and finance.
Deputy Minister of Finance Dato’ Ir Haji Amiruddin Haji Hamzah officiated the conference and delivered a keynote address while INCEIF President & CEO Prof Dato’ Azmi Omar gave the welcome address. Also present at the event was IRTI Director General Dr. Sami Al-Suwailem.
With the theme, ‘Islamic Finance and Islamic Economy Ecosystem in the Era of Digitalisation’, the conference sought to:
- Address contemporary and emerging issues faced by Islamic economy and Islamic finance
- Evaluate the roles of Islamic finance in a wider context, in its contributions to financial stability as well as to the overall Islamic economy ecosystem in cognisant of the fulfilment of Maqasid Shariah
- Disseminating research output through reputable scholarly journals
Papers presented included issues on social finance, Islamic banking, Islamic capital market, governance for financial institutions, Fintech and Islamic economy. Over 30 papers were accepted for the conference and there are significant number of Indonesian participants in the conference. There was also a special research paper presentation by Professor Dr Joseph Cherian, National University of Singapore and Professor Dr Saiful Azhar Rosly who discussed the ‘Clientele Effects in Sovereign Bonds: Evidence from the Malaysian Cash and Repo Markets’ and ‘Making Homes More Affordable in Malaysia Role of Islamic Finance’. Selected papers will be published in SCOPUS-indexed journals, special issues, ISRA International Journal of Islamic Finance and Studies in Economic and Finance.
At the event, INCEIF exchanged a MoU with CESAG which is a business school based in Senegal. Dato’ Azmi Omar represented INCEIF while CESAG was represented by Director General Prof Balibie Bayala. The MoU covers collaborative research, particularly in the area of Islamic Social Finance and FinTech, joint executive programmes and allowing a number of qualified graduates big the CESAG MBA in Islamic Finance to pursue PhD at Inceif. CESAG is owned by the 8 member countries of the West African Economic and Monetary Union, set up to support the regional integration process.
Dato’ Amiruddin was later interviewed by the attending media.